Lot 119

FREEHOLD MIXED COMMERCIAL AND RESIDENTIAL TOWN CENTRE INVESTMENT

29, 29A & 29B St James Street, Newport, Isle of Wight, PO30 1HY
UNSOLD

Currently let at £45,100 per annum

Situated close to the bus station in the centre of Newport, the island's county town, this substantial three storey freehold building is let to both commercial and residential tenants, producing a healthy investment income.

Occupiers include the multi-national "GAME" on a renewed five year lease.

Commercial

29 St James Street

Ground Floor

Main trading area with rear store rooms, staff kitchen area and cloakroom with W.C.

Tenancy

Let under the terms of a five year lease, from 12th November 2017, at a current rental of £27,500 per annum.

29B St James Street

First/Second Floors

Currently let to a Health and Beauty provider with accommodation over the two floors including a main salon area and numerous smaller treatment rooms, cloakroom with W.C. and staff kitchen/rest room.

Tenancy

Let under the terms of a commercial lease for a period of 10 years, from 1st September 2018, at a current rental of £8,000 per annum.

Residential

29A St James Street

First Floor

Living room, kitchen/dining room, two bedrooms, bathroom (no W.C.) and cloakroom with W.C.

Tenancy

Holding over under the terms of an Assured Shorthold Tenancy Agreement, from 21st January 2013, at a current rental of £6,000 per annum.

Second Floor

Living room, kitchen, bedroom, bathroom (no W.C.) and cloakroom with W.C.

Tenancy

Holding over under the terms of an Assured Shorthold Tenancy Agreement, from 27th January 2013, at a current rental of £3,600 per annum.

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/